Member Info for SEA7

guess the seller wasn't done - three trades totalling 1m shares dumped today - one at 2.21p and two at 2.25p

wonder if the new Premier Miton is having a clear out of underperformers.

nice little montage from doc holiday

thanks hepseal - yeh, they aren't buying nearly 10% of the company for a laugh. They work together and could have chosen any other stock to buy, however, they see value here.

yep = solo..

GNEISS are blocks placing agent and advisor.

solo recently appointed Doug Rycroft as COO who was already on secondment from GNEISS.

Malcy said back then regarding the scirrocco move...

Solo has delivered on the promise and I expect plenty more where this came from, Gneiss work you might say…..

.........

Those guys at Solo - bought into block - yep, they are looking further down the line than these two wells.

its about time PH threw us a morsel of news to chew over - the board has descended into extremely bored bickering in the absence of anything constructive to discuss, dissect and pour over.

its been 3 weeks since the last tweet showing the rig move - about time we had some more pics, if nothing else.

ok thanks bill.

the breakeven point will have moved a bit higher, with those new hires. wouldn't think more than 25bopd though, for their salaries.

bill...

my calcs were as follows...

9000 barrels as stated on 25th Sept - minimum
16az flowing at 51bopd as stated.

25th September to 28th November is 64 days. That is 3264 bopd, plus 9000 in storage, makes 12264 as the estimated amount produced based on what we know about 16az.

if we assume 25bopd for the other two fields that are sold locally, then we have 6150 barrels of oil produced between end march and today. This gives us a company production level of 18414 barrels between end march and today, which equates to 75bopd overall - we are 25bopd shy of the breakeven point at the corporate level.

this is the primary reason that we are at this share price level - loss making and no updates as yet on 38 flow test results, no update on the logging work done on 16az to identify the areas of concern.

thanks zeb..

Andrea probably would have preferred one large reserves based lending loan, however, with the state of the wells and the failures to date, that probably isn't an option at this time..

Insight to Reserves based lending.

https://www.scor.com/sites/default/files/scor_memo_rblinsurance_web.pdf

we are forgetting one tiny piece in those figures...

has produced more than 9,000 bbls of light, sweet crude oil,

I would like to draw your attention to the words "more than" - could be one more barrel, could be a couple of hundred, either way, 9000 was the minimum.

The ops update of 25th September stated that seismic had begun.

The interim report said...

In September 2019, mobilised contractor for 3D seismic data acquisition. The survey is designed to define the faultsystem and fracture network within West Rustavi's Middle Eocene reservoir and to image the contingent gas resources in the Lower Eocene and Cretaceous formations. It will allow Block to identify optimal locations for new oil and gas development wells across the Field. Acquisition of the data will take two months to complete.

...............

Two months is up - it won't be long before we get the results announced.

ajw

the market makers themselves do not ever hold large amounts of stock in any instrument they make a market in, unless they get stuck with it, in large scale selling.

They will always attempt to square their book by the end of the day ensuring they hold enough to meet the anticipated demand.

Block is on the setsqx exchange - which is a hybrid quote and order driven market - most orders are filled simply between those on the order book - If there is low liquidity the market makers step in and provide it.

This exchange means retail and market makers compete for stock . There is no maximum spread limit on setsqx either, hence the trades executing at no where near quoted prices.

if the Market makers do have a large order to fill, they will buy in the market like all others... the only trick they will use, is that they will dump the price, when there is very little activity on the order book, to entice the sellers so that they can fill the order and also square their book at a lower price, ensuring that they have less exposure overall.

Andreas's disclaimer from the prospectus for the poor performance....

The primary reasons for not increasing the daily production of oil include the poor condition of many of the Issuer's existing wells, the challenging geology of the Issuer's field, as well as the unreliability of well data and historical records from the Soviet-era which have rendered workovers in some of the Issuer's wells extremely challenging.

ZEB...

https://www.zenithenergy.ca/wp-content/uploads/2019/11/315-033-Prospekt-APPROVED.pdf

bedex - I addressed my initial post to derampers.

I did not mention you specifically - you responded

bedex -

the point is - you will ultimately make your self miserable by attempting to cause others misery - simply because - if you fail, you will be miserable in your failure, if you succeed, you will ultimately share in the misery of those that you impose misery on, once the elation of your victory has long since passed.

derampers....

and miserable it is to be to others, cause of misery

(john milton - paradise lost)

good news can always be released on a friday

Seeing trades like that go through could mean the seller is done - may see the price bounce back a bit now.

someone dumped just over 2m shares in one hit today